Asia's Leather Footwear Market to Expand at CAGR of +1.8% to Reach $77B by 2035

IndexBox has just published a new report: Asia - Leather Footwear - Market Analysis, Forecast, Size, Trends And Insights.

The leather footwear market in Asia is set to experience significant growth in the coming years, with consumption trends on the rise. By 2035, the market volume is expected to reach 2.1B pairs while the market value is projected to hit $77B. This growth is fueled by sustained demand for leather footwear in the region.

Market Forecast

Driven by increasing demand for leather footwear in Asia, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 2.1B pairs by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market value to $77B (in nominal wholesale prices) by the end of 2035.

Consumption

Asia's Consumption of Leather Footwear

Leather footwear consumption rose slightly to 1.9B pairs in 2024, with an increase of 2.5% on the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, consumption hit record highs at 2.2B pairs in 2014; however, from 2015 to 2024, consumption failed to regain momentum.

The size of the leather footwear market in Asia shrank to $63.3B in 2024, approximately equating the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The total consumption indicated a temperate expansion from 2013 to 2024: its value increased at an average annual rate of +2.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +26.6% against 2022 indices. The level of consumption peaked at $74B in 2014; however, from 2015 to 2024, consumption remained at a lower figure.

Consumption By Country

The country with the largest volume of leather footwear consumption was China (814M pairs), comprising approx. 42% of total volume. Moreover, leather footwear consumption in China exceeded the figures recorded by the second-largest consumer, Indonesia (217M pairs), fourfold. India (180M pairs) ranked third in terms of total consumption with a 9.2% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: Indonesia (+0.0% per year) and India (+25.9% per year).

In value terms, China ($26.8B) led the market, alone. The second position in the ranking was held by Indonesia ($7.1B). It was followed by India.

From 2013 to 2024, the average annual rate of growth in terms of value in China totaled +2.7%. In the other countries, the average annual rates were as follows: Indonesia (+2.4% per year) and India (+28.9% per year).

The countries with the highest levels of leather footwear per capita consumption in 2024 were Turkey (803 pairs per 1000 persons), Indonesia (762 pairs per 1000 persons) and Bangladesh (621 pairs per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by India (with a CAGR of +24.7%), while consumption for the other leaders experienced more modest paces of growth.

Production

Asia's Production of Leather Footwear

In 2024, the amount of leather footwear produced in Asia reached 2.7B pairs, remaining constant against 2023 figures. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by 5.2% against the previous year. Over the period under review, production attained the peak volume at 2.9B pairs in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.

In value terms, leather footwear production contracted slightly to $58.2B in 2024 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 63%. Over the period under review, production reached the peak level at $80B in 2014; however, from 2015 to 2024, production remained at a lower figure.

Production By Country

The country with the largest volume of leather footwear production was China (1.2B pairs), accounting for 44% of total volume. Moreover, leather footwear production in China exceeded the figures recorded by the second-largest producer, Vietnam (375M pairs), threefold. India (255M pairs) ranked third in terms of total production with a 9.3% share.

In China, leather footwear production decreased by an average annual rate of -2.1% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Vietnam (+2.3% per year) and India (+10.5% per year).

Imports

Asia's Imports of Leather Footwear

After three years of growth, supplies from abroad of leather footwear decreased by -3% to 278M pairs in 2024. Overall, imports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2022 when imports increased by 8.6% against the previous year. The volume of import peaked at 411M pairs in 2014; however, from 2015 to 2024, imports remained at a lower figure.

In value terms, leather footwear imports reduced slightly to $9.9B in 2024. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 14%. Over the period under review, imports hit record highs at $10.4B in 2023, and then declined modestly in the following year.

Imports By Country

In 2024, China (68M pairs), distantly followed by Japan (38M pairs), South Korea (35M pairs), the Philippines (22M pairs) and the United Arab Emirates (15M pairs) were the main importers of leather footwear, together comprising 64% of total imports. Hong Kong SAR (12M pairs), Turkey (12M pairs), Israel (9.4M pairs), Singapore (8.6M pairs) and Taiwan (Chinese) (7.3M pairs) held a little share of total imports.

From 2013 to 2024, the biggest increases were recorded for the Philippines (with a CAGR of +11.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($2.9B) constitutes the largest market for imported leather footwear in Asia, comprising 29% of total imports. The second position in the ranking was taken by Japan ($1.3B), with a 13% share of total imports. It was followed by South Korea, with a 13% share.

From 2013 to 2024, the average annual growth rate of value in China amounted to +8.6%. In the other countries, the average annual rates were as follows: Japan (-1.0% per year) and South Korea (+6.1% per year).

Imports By Type

Footwear, sole rubber, plastics uppers of leather, nes was the key imported product with an import of about 218M pairs, which amounted to 78% of total imports. Boots, sole rubber or plastic upper leather, nes (28M pairs) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by footwear, nes, uppers leather (5.6%) and footwear, outer soles and uppers of leather, nes (4.6%).

Footwear, sole rubber, plastics uppers of leather, nes was also the fastest-growing in terms of imports, with a CAGR of -2.7% from 2013 to 2024. boots, sole rubber or plastic upper leather, nes (-3.1%), footwear, nes, uppers leather (-5.9%) and footwear, outer soles and uppers of leather, nes (-8.2%) illustrated a downward trend over the same period. While the share of footwear, sole rubber, plastics uppers of leather, nes (+5.6 p.p.) increased significantly in terms of the total imports from 2013-2024, the share of footwear, nes, uppers leather (-1.9 p.p.) and footwear, outer soles and uppers of leather, nes (-3.6 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, footwear, sole rubber, plastics uppers of leather, nes ($7.3B) constitutes the largest type of leather footwear imported in Asia, comprising 74% of total imports. The second position in the ranking was taken by footwear, outer soles and uppers of leather, nes ($1.2B), with a 12% share of total imports. It was followed by boots, sole rubber or plastic upper leather, nes, with an 11% share.

For footwear, sole rubber, plastics uppers of leather, nes, imports increased at an average annual rate of +2.1% over the period from 2013-2024. For the other products, the average annual rates were as follows: footwear, outer soles and uppers of leather, nes (-2.3% per year) and boots, sole rubber or plastic upper leather, nes (-2.0% per year).

Import Prices By Type

In 2024, the import price in Asia amounted to $35 per pair, reducing by -1.9% against the previous year. Import price indicated a temperate expansion from 2013 to 2024: its price increased at an average annual rate of +4.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, leather footwear import price increased by +55.1% against 2013 indices. The growth pace was the most rapid in 2018 when the import price increased by 10%. The level of import peaked at $36 per pair in 2023, and then declined in the following year.

Prices varied noticeably by the product type; the product with the highest price was footwear, outer soles and uppers of leather, nes ($92 per pair), while the price for footwear, nes, uppers leather ($9.7 per pair) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by footwear; n.e.s. in heading no. 6403, (not covering the ankle), outer soles and uppers of leather (+6.4%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2024, the import price in Asia amounted to $35 per pair, with a decrease of -1.9% against the previous year. Import price indicated noticeable growth from 2013 to 2024: its price increased at an average annual rate of +4.1% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, leather footwear import price increased by +55.1% against 2013 indices. The most prominent rate of growth was recorded in 2018 when the import price increased by 10% against the previous year. The level of import peaked at $36 per pair in 2023, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($67 per pair), while the Philippines ($5.6 per pair) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.0%), while the other leaders experienced more modest paces of growth.

Exports

Asia's Exports of Leather Footwear

In 2024, shipments abroad of leather footwear decreased by -3.4% to 1.1B pairs, falling for the second consecutive year after four years of growth. Overall, exports saw a slight decline. The pace of growth appeared the most rapid in 2015 with an increase of 38%. The volume of export peaked at 1.3B pairs in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

In value terms, leather footwear exports dropped to $22.7B in 2024. Over the period under review, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2022 with an increase of 28% against the previous year. As a result, the exports attained the peak of $26.7B. From 2023 to 2024, the growth of the exports failed to regain momentum.

Exports By Country

China (463M pairs) and Vietnam (359M pairs) dominates exports structure, together making up 77% of total exports. It was distantly followed by India (79M pairs), creating a 7.4% share of total exports. Cambodia (38M pairs), Turkey (30M pairs) and Bangladesh (30M pairs) followed a long way behind the leaders.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Bangladesh (with a CAGR of +11.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest leather footwear supplying countries in Asia were Vietnam ($9.5B), China ($7B) and India ($1.3B), with a combined 78% share of total exports. Cambodia, Bangladesh and Turkey lagged somewhat behind, together comprising a further 10%.

Bangladesh, with a CAGR of +12.7%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports By Type

Footwear, sole rubber, plastics uppers of leather, nes was the main exported product with an export of around 738M pairs, which finished at 69% of total exports. It was distantly followed by boots, sole rubber or plastic upper leather, nes (253M pairs), creating a 24% share of total exports. The following types - footwear, nes, uppers leather (34M pairs) and footwear, outer soles and uppers of leather, nes (30M pairs) - each finished at a 6% share of total exports.

From 2013 to 2024, average annual rates of growth with regard to footwear, sole rubber, plastics uppers of leather, nes exports of stood at -2.5%. At the same time, boots, sole rubber or plastic upper leather, nes (+1.6%) displayed positive paces of growth. Moreover, boots, sole rubber or plastic upper leather, nes emerged as the fastest-growing type exported in Asia, with a CAGR of +1.6% from 2013-2024. By contrast, footwear, nes, uppers leather (-2.1%) and footwear, outer soles and uppers of leather, nes (-4.8%) illustrated a downward trend over the same period. Boots, sole rubber or plastic upper leather, nes (+7.6 p.p.) significantly strengthened its position in terms of the total exports, while footwear, sole rubber, plastics uppers of leather, nes saw its share reduced by -4.6% from 2013 to 2024, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, footwear, sole rubber, plastics uppers of leather, nes ($14.4B) remains the largest type of leather footwear supplied in Asia, comprising 63% of total exports. The second position in the ranking was held by boots, sole rubber or plastic upper leather, nes ($6.9B), with a 30% share of total exports. It was followed by footwear, outer soles and uppers of leather, nes, with a 2.7% share.

From 2013 to 2024, the average annual growth rate of the value of footwear, sole rubber, plastics uppers of leather, nes exports was relatively modest. With regard to the other exported products, the following average annual rates of growth were recorded: boots, sole rubber or plastic upper leather, nes (+3.2% per year) and footwear, outer soles and uppers of leather, nes (-3.4% per year).

Export Prices By Type

The export price in Asia stood at $21 per pair in 2024, declining by -2.4% against the previous year. Export price indicated a mild increase from 2013 to 2024: its price increased at an average annual rate of +1.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, leather footwear export price increased by +16.5% against 2020 indices. The growth pace was the most rapid in 2014 when the export price increased by 56%. The level of export peaked at $27 per pair in 2018; however, from 2019 to 2024, the export prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was boots, sole rubber or plastic upper leather, nes ($27 per pair), while the average price for exports of footwear, nes, uppers leather ($14 per pair) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by footwear; with uppers of leather or composition leather, n.e.s. in chapter 64 (+4.3%), while the other products experienced more modest paces of growth.

Export Prices By Country

The export price in Asia stood at $21 per pair in 2024, waning by -2.4% against the previous year. Export price indicated a modest expansion from 2013 to 2024: its price increased at an average annual rate of +1.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, leather footwear export price increased by +16.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by 56%. Over the period under review, the export prices hit record highs at $27 per pair in 2018; however, from 2019 to 2024, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Bangladesh ($27 per pair), while China ($15 per pair) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Turkey (+7.2%), while the other leaders experienced more modest paces of growth.